The Magic Money Tree
The Magic Money Tree

Labour’s economic strategy is about delivering a fairer, more prosperous society for the many, not just the few. Labour understands that the creation of wealth is a collective endeavour and everyone must share fairly in the rewards.

WHAT WILL LABOUR DO?

A few key points – for full details see the 2017 manifesto here.

Fairer Taxation:

  • Income Tax – Labour will take on tax avoidance and close loopholes but won’t be asking ordinary people to pay more. There will be no income tax rises if you earn below £80,000. 95% of tax payers will see no increase, the top 5% will be asked to contribute more to fund public services.
  • Corporation Tax – Currently one of the lowest of any major developed economy. Large corporations will be asked to pay more but rates will still be amongst the lowest of major developed countries.
  • Small businesses will be protected through the reintroduction of the lower small profits rate of corporation tax.
  • HMRC will be properly resourced to effectively tackle tax avoidance.

What else?

  • BALANCED BOOKS – Labour has a fully costed manifesto, paid for through taxation and redirected revenue streams. As John McDonnell stated recently the only numbers in the Tory Party manifesto are the page numbers.
  • INVESTMENT – After years of neglect, inequality has ballooned as the economy has shifted to low paid and insecure work. Labour is committed to a £250bn NATIONAL TRANSITION FUND over a 10 year period. This will be fairly distributed across the country and invested in infrastructure such as transport, communications and energy. This goes hand in hand with Labour’s green INDUSTRIAL STRATEGY and will lead to the creation of many jobs and the GROWTH our economy desperately needs. The economy will only flourish if we invest in it.
  • Labour will amend company law so that directors owe a duty not only to shareholders, but to employees, customers, the environment and the wider public.
  • Widen ownership of the economy – Labour would give more people a stake – and a say – in our economy by doubling the size of the co-operative sector and introducing a “right to own,” making employees the buyer of first refusal when the company they work for is up for sale.
  • Labour will bring key utilities (rail, water, energy, royal mail) back into PUBLIC OWNERSHIP ending ludicrous profits to shareholders and poor and overpriced services to consumers.

Areas of discussion:

  • We may want to consider use of language on the doorstep, referring to ‘the state’ can be off putting.
  • There are a lot of misconceptions around tax that can be easily corrected. We should also be pointing out how it is the Tories who have spent the last 10 years destroying the economy NOT Labour. We need to be clear and robust on this – all evidence tells us the Tories are incompetent.
  • The current taxation system is very unfair. The whole system needs to be transformed. Little attention is brought to VAT rises brought in by the Tories. This type of indirect taxation effects the poorest most of all. Let’s draw attention to this.
  • Austerity is not a viable economic policy, the economy needs money and investment for growth. Consider how the Atlee Government rebuilt this country through mass investment after a devastating war. Investment, not austerity, is key.
  • Technology – Let’s think about the positive impact it could have instead of being fearful of the worst. Think how this could enable possibilities such as the 4 day week.
  • We should be promoting a message of hope. After 10 years of austerity many of us are in despair, working in low paid and insecure jobs worrying about our children’s future. Labour presents a message of hope and we must sell that. Jobs, housing, education.
  • Housing – we need more social housing and people deserve the right to buy their own home. However, this must be done in a fair and balanced way so that social housing stocks are not depleted.  Labour is committed to mass house building. Unscrupulous landlords must be dealt with, they are a drain on our welfare system, taking vast amounts of money and providing appallingly sub-standard properties, often leaving the most vulnerable without the support they need.
  • Health – Let’s hammer the message about the destruction of the NHS. It is happening now and will continue to happen under a Conservative government.
  • Procurement of services (locally and nationally) – Vast sums of money are given by the Government to private companies for services. These companies are then free to employ staff and impose terrible working conditions. Standards need to rise massively.
  • The local picture – we need to be clear that issues with the Local Council are more often than not the result of cuts from Central Government.

CONCLUSION

This country has been neglected for far too long.
Labour means HOPE.
Labour can and will fix our broken economy.

Worth a read:

https://labour.org.uk/manifesto/creating-economy-works/

https://www.ippr.org/files/2018-12/sotn-2018-summary.pdf

https://leftfootforward.org/2019/09/income-tax-is-broken/

https://www.ft.com/content/d912cffa-cd7c-11e9-99a4-b5ded7a7fe3f

https://www.ft.com/content/c5ce2538-cfbc-11e9-99a4-b5ded7a7fe3f

 

 

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